The Shout - Counterfeiting concerns on the increase

26 April 2017

A new report from the International Trademark Association and the International Chamber of Commerce has estimated that the global economic value of counterfeiting and piracy could reach $2.3 trillion by 2022.

And that figure, according to the International Hologram Manufacturers Association (IHMA), will sound fresh alarm bells for producers and suppliers.

The report also highlights that China is still the biggest single source of counterfeit products and listed alcohol as one of the main industries in the spectrum of copied goods.

Manoj Kochar, chair of the IHMA, called on more to be done to win the war against counterfeiting. “The battle to defeat the counterfeiters remains far from won,” Kochar said. “Brand owners and those responsible for legislation must be alarmed at this latest report.

“More needs to be done, and quickly, to begin to stem the tide of counterfeit goods flooding onto the market. And this should include the wider integration of holograms as part of brand protection strategies.”

Counterfeiting has long been a part of international trade but the IHMA believes that the increasing pace of fake products reflects the rapid globalisation of trade. The report also highlights that wider social, investment and criminal enforcement costs could push the counterfeit cost even higher, taking the total to more than $4 trillion with millions of ‘legitimate’ jobs at risk.

Kochar added that the use of holography is a strong tool against counterfeits as it enables examiners to verify the authenticity of a legitimate product, differentiating it from the counterfeits goods.

“Holography has a key role as a highly effective, highly flexible weapon in the ongoing battle to thwart counterfeiters and fraudsters," he said.

“All involved in the supply chain will be reassured by the presence of holograms on products and recognise the benefits they provide.”